Live Spot Gold
Bid/Ask
2,604.602,605.60
Low/High
2,595.202,627.00
Change
-15.70-0.60%
30daychg
-44.70-1.69%
1yearchg
+542.20+26.29%
Silver Price & PGMs
(Kitco News, Monday. Dec. 30th, 2024) – Gold and silver prices are trading not far from unchanged levels in early U.S. trading Monday. Amid the holiday season, traders and investors are awaiting a fresh fundamental spark to drive the markets. Look for another quieter trading week, with the New Year holiday coming on Wednesday, when most markets worldwide are closed. February gold was last up $1.10 at $2,633.00 and March silver was up $0.042 at $30.01.
Asian and European stock indexes were mixed overnight. U.S. stock indexes are pointed toward weaker openings when the New York day session begins.
The key outside markets today see the U.S. dollar index weaker. Bloomberg reports “the dollar is headed for its best year in almost a decade as U.S. economic strength reins in expectations for the Federal Reserve’s rate-cutting cycle, and Trump’s threats of harsh tariffs underpin bullish bets on the currency.” Meantime, Nymex crude oil futures prices are near steady and trading around $70.75 a barrel. The yield on the benchmark 10-year U.S. Treasury note is on the rise and is presently at 4.6%.
U.S. economic data due for release Monday includes the Chicago ISM business survey, pending home sales and the Texas manufacturing outlook survey.
Technically, February gold futures bulls and bears are on a level overall near-term technical playing field. Bulls’ next upside price objective is to produce a close above solid resistance at $2,700.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at the November low of $2,565.00. First resistance is seen at last week’s high of $2,655.70 and then at $2,668.00. First support is seen at the overnight low of $2,621.30 and then at $2,600.00.
March silver futures bears have the overall near-term technical advantage. A two-month-old downtrend is in place on the daily bar chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $31.00. The next downside price objective for the bears is closing prices below solid support at the August low of $27.39. First resistance is seen at last week’s high of $30.485 and then at $31.00. Next support is seen at $29.50 and then at $29.145.
Posted by:
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com